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SESSION 3: IDEA DEVELOPMENT

SESSION 3: IDEA DEVELOPMENT. TOPICS COVERED Participants will produce a formal business plan that will include a component of each of the following: Week 1: Introduction Week 2: Entrepreneurship Week 3: Idea development Week 4: Marketing

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SESSION 3: IDEA DEVELOPMENT

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  1. SESSION 3: IDEA DEVELOPMENT

  2. TOPICS COVERED Participants will produce a formal business plan that will include a component of each of the following: Week 1: Introduction Week 2: Entrepreneurship Week 3: Idea development Week 4: Marketing Week 5: Competitors and Organisational and legal structure Week 6: Technical developments and Risk assessment Week 7: Finance Week 8: Integrating and control Week 9: Guest speakers Week 10: Summary

  3. CONTACT DETAILS SURGERY HOURS On Request

  4. Mind stretchers • You have inherited £100k and want to invest that into a new business. What business would it be? • What was the most interesting business idea you have ever seen but totally useless?

  5. Idea vs. Opportunity • Idea = timeless and useless! • Can only implement opportunity! • Opportunity is: • Attractive • Durable • Timely • Adding value

  6. Idea implementation ratio 3-5 ideas 100 ideas

  7. PROCESS Identifi- cation of ideas Entrepreneur Other people Profile of Entrepreneur Profile of Other people Testing of ideas Reject idea Organisation Financial Technical Feasibility Market Competition Reject idea Implementation Evaluation

  8. Where do I find ideas? • Analysing trends • Changes in legislation (e.g. waste) • Social changes (e.g. more health orientated) • Technological (e.g. Post Office vs. E-mail vs. Courier) • Observation (e.g. needs and what people are complaining about)

  9. Macro trends • http://www.jonathanmacdonald.com/?p=3986 • http://successfulbusinessleadership.ibc01.com/index.php/think-about-the-big-picture/ • http://www.prweb.com/releases/2007/12/prweb574180.htm • http://www.landprojectsuk.com/index-special-offer.html

  10. Why ideas fail • Not being entrepreneurially • Miss-interpretation of the market • Taking too long to implement idea • Rushing through the processes and overlooking important information • Nothing unique in the idea • Entry barriers too high

  11. Exercise • Identify three business ideas which you can implement. • What are the critical success factors for each?

  12. ANY QUESTIONS?

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